Profit Up 14 Percent at CBS Corp.

NEW YORK, April 29: CBS
Corporation’s first quarter profit gained 14 percent to $244 million on stable
revenues of $3.65 billion.

"The solid financial
performance of CBS Corporation, in spite of a challenging economic environment,
demonstrates the enduring strength of its brands and world-class assets,"
said Sumner Redstone, the executive chairman of CBS Corporation. "Leslie
and his team are consistently delivering strong results while positioning CBS
for future growth and returning significant cash to shareholders."

Leslie Moonves, the
president and CEO of CBS Corp., hailed the quarter’s free cash flow of $938
million and diluted EPS of $0.36, as well as an 8-percent increase in quarterly
dividend to $.27 per share. He noted: “Driving the company's performance this
quarter was significant profit improvement at Television, led by a new
distribution arrangement for our valuable CSI franchise in international markets. We also
continued to drive digital operations forward, nearly doubling our online
revenues for March Madness on Demand. At Radio, we are seeing positive signs
early in the second quarter with sales pacing up over last year in some of our
larger markets. And our recent acquisition of the largest outdoor company in
South America adds to CBS Outdoor’s portfolio of fast-growing attractive
billboard markets."

Television revenues were
stable at $2.6 billion, with an operating income of $402.1 million, reflecting
a 15-percent increase. The division reported a whopping 85-percent rise in
television license fees, reflecting higher domestic and international
syndication sales, thanks in large part to the CSI franchise and the second-cycle syndication sale of
Everybody Loves Raymond.
Affiliate revenues increased 6 percent driven by rate increases and subscriber
growth at Showtime Networks and CBS College Sports Network. Advertising
revenues, however, were down 15 percent.

—By Mansha Daswani